Y'all ready for FedCoin™?

[Vaquero]

Nope. I use cash whenever possible. I just spent over a week away from home and didn't use anything but cash. I know I was on camera/video a lot, but at least Big Bubba can't CONFIRM I'm spending my money on cheap booze and women with daddy issues!!!

At least you ain't wasting it.

 

[TexasRedneck]

They've been trying to steer us this direction for a while now. Uncle Sugar wants to know ALL your financial resources so they can figure out how to get their hands on it.

**** 'em.

 

[pronstar]

The ultimate end goal is to have the Fed be the sole lender of money, eliminating the banking industry.

With money just being numbers in a ledger, they can lend infinitely. How this differs from current, is that they don’t really have to worry about payment defaults from a monetary POV.

Credit scores are out.
Social credit scores are in.
It’s the ultimate control.


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[ghostrider45]

The ultimate end goal is to have the Fed be the sole lender of money, eliminating the banking industry.

With money just being numbers in a ledger, they can lend infinitely. How this differs from current, is that they don’t really have to worry about payment defaults from a monetary POV.

Credit scores are out.
Social credit scores are in.
It’s the ultimate control.


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and one step closer to communi....er......Socialism

 

[benenglish]

Redundant threads merged.

 

[pronstar]

and one step closer to communi....er......Socialism

Yup, central planning at its worst.


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[TheDan]

...one has got to wonder why.

It's likely the only way to save the dollar. For a time at least... Maybe they'll get another 50 year run out of it like the last time they changed the dollar.

 

[TAZ]

It's likely the only way to save the dollar. For a time at least... Maybe they'll get another 50 year run out of it like the last time they changed the dollar.

Better answer may be that is an easy way to fleece people. And in the end that is what government does.


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[Brains]

No no no, you've got it all wrong. The government is helping you, you're just standing in the way of them helping. You must comply to the helping.

 

[TheDan]

Better answer may be that is an easy way to fleece people. And in the end that is what government does.

Well yeah that's a given. There's really only two reasons why the dollar has value... International transactions are coerced into using dollars, (especially on oil), and the American people are coerced into paying taxes in dollars. Having a digital currency makes the domestic coercion much easier; practically non-violent except for the theft itself. It'll help some with the international coercion as well, but only in as much as they can control exactly who has access to dollars and for what.

 

[pronstar]

The whole key to the petrodollar, Eurodollar and reserve currency status, is that debts are denominated in dollars.

China and Russia are buying gold at a furious rate, and have already setup alternative “non-dollar” economies that side-step the dollar…they just haven’t convinced the planet to join them, as both have serious issues that are arguably worse than the dollar’s issues.

But the dollar is under attack, both from outside and from within…the Fed is scrambling to prevent an outright collapse.

Collapse?
Consider that the current economy is growing at a slower rate than it grew during (not after) the Great Depression.

Some say we’ve been in a depression for at least a decade…excellent podcast here.




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[BBL]

I wonder what we can expect long-term. Cash will be banned and outlawed? For our "safety", of course. Anybody seen with cash will be reported, arrested and executed?
Is this thinking too skeptical?

 

[TheDan]

Some say we’ve been in a depression for at least a decade…

We never really recovered from 08.

I wonder what we can expect long-term. Cash will be banned and outlawed? For our "safety", of course. Anybody seen with cash will be reported, arrested and executed?

What happened to people who had National Bank Notes in 1914? Nothing really.

They'll make the new digital currency legal tender and Federal Reserve Notes will just slowly be taken out of circulation. Any cash that gets turned in to be converted to your digital wallet will be destroyed. ...and you will have to turn in cash to put into your digital wallet, as that will be the only way you can pay taxes or your mortgage (if from a major lender). Businesses will probably still accept cash for awhile, but every-time they deposit that cash it'll be converted to digital and the physical destroyed, taking more out of circulation.

Cash will probably be redeemable to all for a short while, but more than likely in time only US citizens and corporations will be allowed to redeem cash as it's already an issue of too much dark cash existing internationally.

Federal Reserve Notes will just become something numismatics nerds play with.

 

[TheDan]

Our own FedNow service will be coming online in 2023. And in light of the tremendous growth in crypto-assets and stablecoins, the Federal Reserve is examining whether a U.S. central bank digital currency (CBDC) would improve on an already safe and efficient domestic payments system.

Welcoming remarks by Chair Powell at the Inaugural Conference on the International Roles of the U.S. Dollar

Good morning, and welcome to the inaugural conference on the International Roles of the U.S. Dollar. Thank you all for participating and for lending your exper

www.federalreserve.gov

 

[TheDan]

More info on FedNow℠

About the FedNow Service

What is the FedNow Service and how will it help enable financial institutions to deliver end-to-end faster payment services to their customers?

www.frbservices.org

 

[DoubleDuty]

The government would like nothing better than to shift to digital currency than they would have complete control of all your money.

 

[Darkpriest667]

The government would like nothing better than to shift to digital currency than they would have complete control of all your money.

Centralized digital currency. What makes most crypto so valuable is it's decentralized.

 

[Sasquatch]

The government would like nothing better than to shift to digital currency than they would have complete control of all your money.

Yep. Canada's bank-freeze for protesters can easily happen here right now and look how it hurt people.

Wait until there's no physical money to fall back on - they can either wipe your account to zero, just freeze it or seize it as they wish.

Its going to be a huge shift in banking as well - suddenly you're going to see most local branches close - there will be no need for as many human bankers in a bank branch. They could cut retail space down to a quarter or less of the typical footprint, just having a couple offices for bankers to do in-person things like handling investment accounts etc, but then again, everything they do in person now can be done digitally over the internet anyway, aside from cash handling or depositing physical cheques.

The banks won't mind because that means they can still hold on to and use your digital money as they do now - without maintaining physical deposits. They can still issue loans etc, but you'll apply digitally and an algorythm will determine if you are approved or denied instantly. No need for manual underwriters for the most part, though they'll have a couple no doubt.

Nothing good comes from this. Nothing.

 

[TheDan]

suddenly you're going to see most local branches close

That's already happening. The two I use the most haven't closed branches outright, but they don't have tellers anymore and you need an appointment to enter the lobby.

 

[ZX9RCAM]

So, these aren't the branches that were closed due to covid?